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Multi-let Kingsgate acquired for Kames Capital

By April 2018 Transactions

ACRE Capital secures Kingsgate for Kames Capital

ACRE Capital have advised Kames Property Income Fund on the acquisition of Kingsgate, Redhill, a 43,784 sq ft multi-let office in Redhill town centre. The property is let to seven tenants including Balfour Beatty at a low average rent of 21.75 per sq ft reflecting a 30% discount from prime headline rents. Kingsgate was acquired for 10.65m which reflects an attractive 7.63% net initial yield and a low capital value of 243 per sq ft. The pitch will strengthen further with significant regeneration including the 40m Marketfield Way mixed use development site nearby.

Location: Kingsgate, Redhill
Property Type: Office
Transaction Type: Acquisition
Client: Kames Capital